Online gambling can either be lucrative or unprofitable. While the difference between these two results most often comes down to luck, responsible gambling can also have a massive influence. The best way to gamble responsibly is to practice bankroll management - but how do you do that?

The excitement of online poker can often lead some to gamble recklessly, forgetting about any form of money management they had previously planned.

In this guide, we’ll provide you with practical tips on how to better manage your bankroll in the digital poker landscape.


Shop around for bonuses


There are thousands of online casino sites out there, each with its own bonus offerings. Gambling sites often compete with one another to offer more attractive deals to prospective customers, which gives online gamblers a wide range of bonuses to choose from.

Given the selection, it’s important to shop around before signing up for a site. There’s likely always going to be another betting platform with more rewarding bonuses.

Jaehyeong Park, who publishes mobile casino rankings, states that some online casinos offer special app-only bonuses that aren’t available on other devices. This widens your selection of bonuses even more!

By exploring all your options and selecting the platform that provides the best bonuses, you can stretch your bankroll out further. With more cash, crypto, or free spins to spend, managing your bankroll becomes a lot easier.


Set a budget


The most obvious means of managing your bankroll is to set a budget and stick by it. While this may seem like basic advice, it’s definitely worth reiterating.

Not only should you set the budget before logging into the casino, but you should also strictly adhere to it while playing. Some players get swept up in the excitement of the game and switch to a progressive betting plan. While this works in some instances, it can also deplete your funds at an alarming rate.

Instead, we’d recommend counting out how much you can afford to spend on gambling. This can be per game, per week, per month, etc. The money you set aside should be separate from your real-life obligations, such as food and rent. You should only include disposable income in your gambling fund.

Once you’ve set this money aside, you should divide it up and determine your limit for each game or session.

Not only does sticking to a budget ensure you better manage your bankroll, but it ensures that you avoid making reckless gambling decisions and also can prolong your gambling sessions.


Choose a bankroll management strategy


Within each game you partake in, you should use a bankroll management strategy to make your funds stretch further. The two most common strategies are flat betting and percentage betting.

In flat betting, you wager the exact same amount on each game regardless of previous wins, losses, or any other factors. Percentage betting, on the other hand, is when you bet a percentage of your bankroll each round.

For example, if you’ve got a $600 bankroll and you set your percentage bet as 1%, your starting bet would be $6. If the odds for this round are +500 and you won it, you’d gain $30. This would bring your total bankroll up to $630.

You’d then decide the size of your next bet based on the new total of your bankroll.

1% of $630 is $6.30, so you’d bet $6.30 on your next bet, and so on.

Sticking to a bankroll management strategy throughout your game is a responsible way to keep on top of your money.


Select games based on the house edge


When gambling online, you must understand the meaning of house edge and RTP. The house edge is normally given as a percentage that reflects how much money goes back to the player vs. how much money the house takes. This percentage is known as the RTP (Return To Player).

For example, if a game has a house edge of 96% and you wager $1 on it, an average of $0.96 goes back to the player. The remaining $0.04 is taken by the house. While this may not seem like a lot for the house to take, it adds up massively over time. Last year, online gaming revenue reached $16.43 billion.

It’s important to note that this house edge doesn’t mean that the player receives the $0.96 back immediately, but could potentially over a period of time through continued play.

The lower the RTP, the more money in the pot that you could potentially win. So, in order to get more out of the money you wager, you should choose a game that has an RTP of 95 - 100%. While you won’t find a game offering 100% RTP, it is possible to find games that offer 99.5%.

This helps you manage your bankroll as more of your money is going towards your potential big win, rather than the casino’s pocket.

The house advantage can change dramatically between tables and individual games. For example, the house advantage for player/banker bet typically falls between 1.1 and 1.2%, while the tie bet is normally as much as 14.4%.


Know when to stop


Gambling can be fun and rewarding, but it can also be frustrating and destructive. If you fall into a losing streak, you may experience ‘tilt’. This describes the frustration felt through continual losses that leads to reckless gambling. Losing streaks causes many gamblers to overbet to make up for their losses, which oftentimes results in them losing even more money.

If you feel as though frustration is clouding your judgment, it would be best to either take a break or end your gambling session for the day. Stepping away from the table or the slot machine keeps your bankroll safe. Plus, practicing good emotional control is a great skill to have as a gambler.


Final thoughts


Gambling can be a fun and rewarding experience - as long as you practice good bankroll management. Unless you’re incredibly lucky, reckless gambling will result in severe financial losses. Before you place your first bet, you must set a budget and select a bankroll management strategy. It’s also important to select a game based on the house edge, keep track of your results throughout the game, and know when to stop.